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napi21

(45,806 posts)
5. He's ignoring the WAY it should be done. If the ADVANTAGE of moving jobs out of the
Sat Feb 6, 2016, 10:40 PM
Feb 2016

country, they wouldn't do so. That means TAKING AWAY THE TAX ADVANTAGE! If removing the loophole that allows keeping $$ in foreign countries and the Caymen Islands, it would be viewed as increasing taxes, but that too would increase income into our Treasury. Tax increases are NOT ALL increasing the rate! Also, if were done at the IRS level, millionaires wouldn't be leaving States or the Country. OUR Congresses make those loopholes law, and they can just as easily take them away.

 

Spider Jerusalem

(21,786 posts)
7. Easier said than done
Sat Feb 6, 2016, 10:51 PM
Feb 2016

US citizens are taxed on the basis of citizenship, not residency. It's possible to renounce one's citizenship but if it's deemed to be for "financial reasons" (ie tax evasion) there's an "exit tax" that's based on the value of one's total assets. (This is why American billionaires don't move to Switzerland for tax purposes.)

rickford66

(5,524 posts)
10. One of the guys in my old neighborhood mangled the English language.
Sat Feb 6, 2016, 11:38 PM
Feb 2016

He used to say "Goodbye and good rhythms."

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